A bad business plan is the top reason food trucks fail

The No. 1 reason food truck businesses fail isn't due to the menu, employees or location, according to Richard Myrick, editor-in-chief and founder of Mobile Cuisine Magazine, it's having a lousy business plan in an unforgiving economy. "The business plan is what everything your mobile restaurant will do is based on. It will force you to plan ahead, think about the competition, formulate a marketing strategy, define your management structure and plan your financing, among other things," he says. "It is your roadmap to success. Do not proceed without a solid business plan."